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This blog captures the musings and anecdotes of the daily life of a Malaysian who is now living in Melbourne, Australia.

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Raiz Invest (formerly known as Acorns Australia).

20/09/2018

Today was my off day. I have had a tiring day, spent just cleaning out the house.

My neighbour-church friend, Elaine came over to my house to help me do an unexpected spring cleaning of the entire kitchen and sitting hall.

We pulled out the rotty - smell- dirty yellow carpet that has been scratched clean-into pieces by the kittens, cleared out all the expired sauces-bottles- practically every thing that looks like it was getting moldy and chucked it into black garbage bags and tied it up.

Then we headed off to Kmart nearby at Tarneit Central and bought some new display boxes to put the still edible and unopened packets of foods (and so the cats and bugs won't get to them in summer). LOL.

Unexpectedly, all of a sudden, she asked me this question, "are you investing in stocks?"..

I sheepishly answered "yes.. I'm just a beginner".LOL.

I had recently discovered this local Australian app called Raiz. It was formerly called Acorns, until they changed their name to Raiz Invest. They trade on the ASX under the name "RZI".

I have done a little of research (not much, by that) on them. A US based youtube video I found says that investing to them is like putting into a high yielding savings account. Raiz's parent company is US based, however their Australian counterpart is breaking away from them. The change in name reflects their wanting to operate independently locally for the Australian market.

For their portfolio, I had opted for the "Aggressive" option. Its projected value in ten years (if you invest $10 every month is $1,526.64 + ($336.34)........ (doesn't seem much actually...LOLOL)

Raiz's fees is $1.25 every month (roughly $15 a year) if the balance is less than $5,000.00, and for balances over $5,000.00, a 0.275 % per annum, monthly.

Is that a good deal? I can hardly say at this time as it has only been about one week since I start using the investment app.

Raiz uses the strategy of rounding up your purchases by linking to your bank's debit/EFTPOS card. Considering that I have currently switched to just using cash for purchases, I had not enabled that option on the mobile app.

Of date, I have so far invested $30 into it. We'll update in about a month's time to see how well it is doing.

Interested to try it out?So for a limited time until 30th Sept 2018, get a $5 bonus if you join Raiz Invest through my personalised Raiz Invest link here !